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Young Insurance Associates, Inc.

3824 Barrett Dr, Ste 101
Raleigh, NC 27609

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15720 Brixham Hill Ave, Suite 300
Charlotte, NC 28277

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Does Commercial Insurance Cover Natural Disasters In North Carolina?

Business insurance is the most common type of indemnity policy that entrepreneurs seek when starting a new company. A good plan provides peace of mind in knowing that your assets are protected in the instance of tragedy. All commercial insurance policies are not created equally and, thus, do not always cover damages caused by natural disaster. Here are three endorsements that your indemnity plan should have if you are doing business in Raleigh, NC. Young Insurance Associates Inc. can, of course, help you find the right policy to suit your business’ needs. 

Flood Insurance
Did you know that standard commercial insurance plans do not cover damages caused by flooding? You could find yourself paying out-of-pocket costs in the thousands if you fail to add this endorsement to your policy. There are roughly 81,000 flood claims in North Carolina every year, and more than $10 billion in damages are reported annually due to flooding in the region. Do you want to take a chance and go without flood insurance?

Business Personal Property Coverage
This addition pays for equipment damages and inventory loss at a specific location. You should be aware that business personal property coverage may not pay for equipment and furniture damaged while away from the premises of your company. You should invest in a different type of commercial insurance to cover company items that travel in your vehicle. 

Business Income
What happens if a fire ravages through your retail store and forces you to close for months? You will be out of luck if you lack a business income endorsement on your plan. Also called business interruption coverage, this policy feature pays for your loss of income caused by unexpected disasters such as fires, storms, and even regional power outages. Every company owner who relies on utilities or uses a specific location to conduct business should invest in this plan. 

Young Insurance Associates Inc understands the time and money that goes into making your business great in Raleigh, NC. Our friendly agents will be happy to assist you in finding the commercial insurance policy that is best for your situation. Contact us today for a quote.